MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	SAFRITEX INTERNATIONAL CC

Registered Office :	50 Wessells Road, Rivonia, Johannesburg

Country :	South Africa

Date of Incorporation :	22.01.1996

Com. Reg. No.:	B1996/002521/23

Legal Form :	Closed Corporation

Line of Business :	Wholesale trade in other household goods

No. of Employees :	13

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

South Africa

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

South Africa ECONOMIC OVERVIEW

South Africa is a middle-income, emerging market with an abundant supply of natural resources; well-developed financial, legal, communications, energy, and transport sectors and a stock exchange that is the 15th largest in the world. Even though the country possesses modern infrastructure that support a relatively efficient distribution of goods to major urban centers throughout the region, some components retard growth. The economy began to slow in the second half of 2007 due to an electricity crisis. State power supplier Eskom encountered problems with aging plants and meeting electricity demand necessitating "load-shedding" cuts in 2007 and 2008 to residents and businesses in the major cities. Subsequently, the global financial crisis reduced commodity prices and world demand. GDP fell nearly 2% in 2009 but has recovered since then. Unemployment, poverty, and inequality remain a challenge, with official unemployment at nearly 25% of the work force. State power supplier Eskom has built two new power stations and installed new power demand management programs to improve power grid reliability. South Africa's economic policy has focused on controlling inflation, however, the country has had significant budget deficits that restrict its ability to deal with pressing economic problems. The current government faces growing pressure from special interest groups to use state-owned enterprises to deliver basic services to low-income areas and to increase job growth.

Source : CIA

Subject Name	SAFRITEX INTERNATIONAL CC
Country	South Africa
Subject Contact Person	MORGAN NAIDU
Assessment	This is an established business. On investigation contact was made with Morgan Naidu at the company. The company has been operating for 17 Years 3 Months. All commitments are met timeously with suppliers. No adverse information was revealed during the investigation. A bank code could not be obtained as the subject declined to provide a bank account number. Please see the information obtained below.

Auditors information

Company Registered Name	COOVADIA ASSOCITES CC
Trading Name	COOVADIA ASSOCITES
Registration Number	2007/182103/23
Physical Address	GROUND FLOOR PROTEA CORNER, PROTEA AND GARRICK AVENUES, EXTENSION 8, LENASIA, 1827
Postal Address	P 0 BOX 10605, EXTENSION 7 AND 8, LENASIA, 1821
Contact Person	DAWOOD COOVADIA
Contact Number	011 854 4150
Principals	1
Judgements Against Subject	No information on file
Judgements Against Principals	No information on file
Subject Verified as Client	Yes
Practice Number	127682
VAT Number	Undisclosed
Tax Number	Undisclosed
BEE Status	Undisclosed
Financial Year End	Undisclosed
No of years in Business	Unknown
Website	Undisclosed

Previous Auditors

Company Name	Phone Number	Time with previous auditors	Comment
GOBODO INCORPORATED		Unknown

Tax information

Vat Number	4400155166
Status	ACTIVE
Vat Liable Date	1996/01/01
Tax Number	9511637846
Financial Year End	February

Black Economic Empowerment Information - No Information on Record

ISO Information - No Information on Record

Workman's compensation

Registered	No
Compliance Certified	No

Company Structure

Subsidiaries Information - No Information on Record

Employees
Number of Employees	13
1. Salaried employees	13
2. Waged employees
3. Permanent employees	13
Company Fleet
Company Fleet	No of vehicles:	Owned/Leased	Value	Outstanding Balance
Fleet Operations
The Fleet is made up of	3
Comment	No further details were made available
Cars	3	Leased

Offices

Offices	Offices
Head Office Owned/ Rented	Leased
Rental Company	TULIP FAMILY TRUST
Lease Agreement	Undisclosed
Type of Premises	Office

Branch Information

Branches Names	Country	Province
There are no reported branches of the company	South Africa

Management Overview

Organisation Chart

Level	Position	Name	Comment

1	General Manager	MORGAN NAIDU

2	Managing Member	MAGANTHERAN MOODLEY

Company Structure (Ownership)

Note: One level up and all levels down

Holding	Company	Sub	Comment
100% -MAGANTHERAN MOODLEY	SAFRITEX INTERNATIONAL CC

Key Deals - No Information on Record

Trade References

Trade Reference nr	Supplier	Contact	Surety Value	Notarial Bonds	Comment
2	SAFRIPOL	0115753366
3	BOXMORE PLASTICS SA (PTY) LTD	058 6242200
1	TRANSPACO RECYCLING	0118226470	R 3900000.00		Account is insured by CGIC

Trade References Detail

Nr	Age of Acc	Credit Limit	Max Credit	Terms	Average Purchases	Terms Taken	Comment
2	2 Years			30 Days		30 Days	Unable to divulge any figures, however the company purchases large amounts, excellent account
3	10 Years	R5100000.00	R 2000000	90 Days	R1000000	90 Days	Excellent account
1	3 Years	R 3900000.00	R 3900000	60 Days	R 3000000	60 Days	This is an excellent account

Adverse Information on Subject

Judgements

Judgements		0
Possible Judgements		0
Civil Court		0
RDs		0
Comment		No Information on Record
Business Rescue
Date registered	Business rescue practitioner		Contact Information	Details	Comment
	None		No Information on Record	No Information on Record	No Information on Record

Default Listings

Date	Details	Comment
	None	No Information on Record

Notarial Bonds - No information on record

Bank information

Bank	FIRST NATIONAL BANK
Branch	HYDE PARK
Brach Code	250655
Bank Account Number	Declined
Type of Account	Cheque Account
Account Name	SAFRITEX INTERNATIONAL CC
Overdraft Facilities	The subject enjoys an overdraft facility, further details were not made available
Bank Code	P
Bank Comment	A Bank code could not be obtained as the subject declined to provide a bank account number

Bank Code History - No Information on Record

Previous Bank Account Information - No Information on Record

Deeds Information - No information on record

Financial information

Financial Estimates

Current Turnover per annum	R100000000.00
Comment	The company expects the same turnover for the next financial year

Please note the following:
Turnover and assets less than R 1,000,000.00	The subject falls within the National Credit Act
Turnover and assets less than R 2,000,000.00	The subject falls within the Consumer Protection Act

Principals

Number of Principals	1
Average Age of Active Principals	55
Active Principals Principal - 1of 1 MAGANTHERAN MOODLEY
Surname	MOODLEY
First Name	MAGANTHERAN
Other Names	None
Marital Status	Married
ID Number	5805265079050
Verified ID Number	Yes
Current Age	55
Designation	MANAGING MEMBER
Status	Active
Appointment Date	1996/01/22
Physical Address (at time of Appointment)	30 JUDY ROAD, BLAIRGOWRIE, RANDBURG, 2194
Postal Address	PO BOX 41801, CRAIGHALL, 2024
Current Tel Number	0118030333
Cell number	0826045926
Shareholding/Membership	100%

Principal's Adverse - No information on record

Business Information for MAGANTHERAN MOODLEY

Principal Current Business Interests

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
SAFRITEX INTERNATIONAL CC	B1996/002521/23	In Business	17 Years 3 Months	0	No
CAPENSIS INVESTMENTS 146 (PTY) LTD	M1999/024998/07	In Business	13 Years 5 Months	0	No
BANAN PROPERTIES (PTY) LTD	M2000/006814/07	In Business	13 Years	0	No
JORCAM PROPERTIES (PTY) LTD	M2001/012659/07	In Business	11 Years 10 Months	0	No

Principal Previous Business Interests

Average Age of Previous Business 16 Years

Company Name	Registration No	Status	Age of Business	Judgements	Liquidation	Comment
UNIT 10 MAC KAY AVE BRYANSTON CC	B1996/061893/23	Deregistration Final	16 Years 4 Months	0	No

Principal's Deeds Information - No information on record

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.70.99

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

Registered Name	SAFRITEX INTERNATIONAL CC
Trading as/ Division Name	SAFRIQUE INTERNATIONAL
Previous Name	None
Date of Name Change	None
Registration Number	B1996/002521/23
Registration Date	1996/01/22
Date Commenced Trading	JANUARY 1996
Age of Business	17 Years 3 Months
History of Business	SAFRITEX INTERNATIONAL CC trading as SAFRIQUE INTERNATIONAL was established in January 1996 and operations commenced immediately.
History of Principals	There is currently one active member
Shareholders/Members/Partners of subject and % holding	100 % - MAGANTHERAN MOODLEY
Authorised Share Capital	R0.00
Issued Share Capital/Members Contribution	R 100.00
Status	In Business
Operations Assessment	The company operates as a manufacturer and exporter of printed stitch bond and jacquard woven damask mattress ticking fabric, mattress tape, spring units and accessories, curtain and upholstery fabrics and accessories, vertical blind fabric and components, men's clothing, PET resin and preforms and plastic and metal closures. The company exports to East Africa, West Africa, Central Africa and the Indian Ocean Islands.
Industry/ Customers	Export
Export	Yes
Import	Yes
Major Industry Code / SICC	6139
Definition of Code	Wholesale trade in other household goods
Head Office Physical Address	50 Wessells Road, Rivonia, JOHANNESBURG
Head Office Postal Address	P O BOX 41801, Craighall
Current Tel Number	0118030333
Cell Number	0826045926
Current Fax Number	0118030332
Current Email Address	morgann@safrique.com safrique@safrique.com
Web Site Address	www.safrique.com